Nigeria’s daily crude oil production fell below 1 million barrels per day (BPD) for the month of August to 972,394 BPD, which was below Angola’s average daily output of 1.17 million barrels.
This was disclosed by the Federal Government through the Nigerian Upstream Petroleum Regulatory Commission’s monthly oil report on Thursday.
However, according to Bloomberg’s survey of monthly OPEC output, Nigeria’s output for August was 1.13 million barrels.
What they are saying
The Nigerian Upstream Petroleum Regulatory Commission report cited that Nigeria’s monthly average was 972,394, compared to 1,03,899 for the previous month.
This comes as Nigeria’s oil production for the year has been hampered by rising crude oil theft despite higher oil prices.
Bloomberg’s survey also showed that Libya produced 1.08 million barrels of crude a day in August, and could soon overtake Nigeria if it continues on its current trajectory.
The report also added that the last time Angola topped Nigeria was in April 2017.
Meanwhile, Shell also warned that the work on the 180,000-barrel-a-day Trans Niger Pipeline would be completed in late September, which would put a dent in Nigeria’s crude oil export capacity.
In case you missed it
- Nairametrics reported that the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that increasing oil theft is forcing its members to lose jobs in Nigeria’s oil servicing industry.
- The Union urged FG to take immediate action on the criminality, warning that if no progress was seen, it would be forced to withdraw its workforce.
